Support and Resistance line are the places which attract buyers or sellers. Prices may pause, slow, reverse at these levels. There are also times that prices penetrate these zones and continue their way with strength. Many traders use support/resistance breakouts as a part of their strategy. This indicator will help you to plot these key levels.
Support and Resistance MetaTrader indicator is very simple indicator, blue dots represent support, red dots are resistance. Those areas you can use for take profit or stops, it’s very easy to use.
Support and Resistance indicator uses the standard MetaTrader Fractals indicator (by Bill Williams’ method) and has no changeable input parameters. This version support MetaTrader 4 and MetaTrader 5 trading platform.
How to Trade With Support and Resistance:
-Wait for the price bar to close above the resistance line (price has to close above the red dot).
-Wait for the price bar to close below the resistance line (price has to close below the blue dot).
//| Support and Resistance |
//| Copyright © 2004 Barry Stander |
//| http://myweb.absa.co.za/stander/4meta/ |
#property copyright “Click here: Barry Stander”
#property link “http://myweb.absa.co.za/stander/4meta/”
#property indicator_buffers 2
#property indicator_color1 Red
#property indicator_color2 Blue
//—- drawing settings
val1 = iFractals(NULL, 0, MODE_UPPER,i);
if (val1 > 0)
v1[i] = v1[i+1];
val2 = iFractals(NULL, 0, MODE_LOWER,i);
if (val2 > 0)
v2[i] = v2[i+1];